Key ministers from OPEC+ are set to meet on Thursday to discuss output policy, with sources indicating they are unlikely to alter the current production cuts. Despite recent sharp declines in oil prices, OPEC+ plans to begin unwinding some of these cuts from October.
The Organization of the Petroleum Exporting Countries and its allies, led by Russia, will hold an online Joint Ministerial Monitoring Committee (JMMC) meeting at 1100 GMT. Four OPEC+ sources told Reuters that no changes to the current plan are expected.
Oil prices have dropped from a 2024 high of over $92 per barrel in April to below $82, amid concerns about demand, though recent tensions in the Middle East have provided some support.
OPEC+ is currently cutting output by 5.86 million barrels per day (bpd), about 5.7% of global demand, in a series of steps agreed since late 2022. In June, the group extended cuts of 3.66 million bpd until the end of 2025 and prolonged a 2.2 million bpd cut by eight members until the end of September 2024. The plan calls for these 2.2 million bpd cuts to be phased out gradually from October 2024 to September 2025.
The JMMC, which includes oil ministers from Saudi Arabia, Russia, and other leading producers, meets every two months and can make recommendations to the wider OPEC+ group.